Englewood sells parks bonds; $64 million projected borrowing cost, major projects move to design and construction

Englewood City officials said the city’s parks and recreation bond sale drew 13 bidders and will close next Tuesday, providing funds for the Renew and Recreate parks program and moving multiple park and facility projects toward design and construction.

Kevin Eagles, Englewood’s director of finance, said the sale drew more bidders than expected and that the city expects to have the money “Tuesday or Wednesday” after closing. Eagles said the interest rate on the sale was about 4.13 percent and the total borrowing cost is about $64,000,000, roughly $10,000,000 less than earlier projections of about $72,000,000.

The bonds will finance two facilities and improvements at eight parks under the Renew and Recreate campaign. City staff told the committee they expect 2027 to be the year with the most active construction on larger projects as financing schedules and design timelines are finalized.

Why it matters: The lower borrowing cost reduces long-term interest payments and gives the city more flexibility to fund project designs and construction. Staff also noted some individual…